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News Link • Federal Reserve

Is Larry Summers the Next Irving Fisher?

• Economic Policy Journal
 On October 21 as markets started to weaken he said that the market was "only shaking out of the lunatic fringe" and went on to explain why he felt the prices still had not caught up with their real value and should go much higher. On Wednesday, October 23, he announced in a banker’s meeting “security values in most instances were not inflated.”

Now as the Dead Cat Bounce is long in the tooth, Larry Summers has come out to tell us, on the White House blog, everything is fine, thanks to Keynesian economics:

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